Middle East Economic Survey

VOL. XLVII

No 23

07-June-2004

OPEC

OPEC Lifts Oil Output 1Mn B/D In June, Agrees Staged Increase In Production Ceiling

Walid Khadduri and Bill Farren-Price of MEES report from Beirut.

OPEC has moved to calm surging oil prices by agreeing to lift its production ceiling for the OPEC-10 (without Iraq) by 2mn b/d from 1 July to 25.5mn b/d and by a further 500,000 b/d from 1 August to 26mn b/d. OPEC ministers, meeting in Beirut on 3 June at their extraordinary conference, said...